Record Levels of Bitcoin Accumulated in Super Holders’
source link: https://cryptomode.com/news/record-bitcoin-super-holders/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Record Levels of Bitcoin Accumulated in Super Holders’ Wallets
Bitcoin accumulation surges, strategic move ahead of price peaks.
Recent analysis has uncovered a significant increase in the accumulation of Bitcoin (BTC) by large holders, indicating a deliberate strategy ahead of the cryptocurrency’s price surges.
Ki Young Ju, CEO of CryptoQuant, shared information that shows the amount of BTC coming into accumulation addresses has hit a record high of 25,300 BTC.
These accumulation addresses meet specific requirements, such as having a sum of more than 10 BTC, not having any accounts connected to centralized exchanges or miners, receiving more than two incoming transactions, and having been used in the last seven years.
The analyst’s graph shows a consistent trend: accumulation spikes happen right before the price of BTC hits its highest point. This “strategic accumulation” means that big Bitcoin users are trying to buy more of the cryptocurrency well before the market peaks rather than at those peaks.
#Bitcoin inflows into accumulation addresses have reached an all-time high of 25.3K $BTC.https://t.co/HrkV3TUGJT pic.twitter.com/FSLUHNlVCZ
— Ki Young Ju (@ki_young_ju) February 21, 2024
Currently, Bitcoin’s price is 34% below its all-time high of $69,000. However, Ki Young Ju has noticed that the measured drawdown is only 23%.
BTCUSD 1-Day Chart
Strategic Accumulation by Bitcoin Super Holders
The complex way that the strategic buildup by Bitcoin super-holders shows the cryptocurrency market dynamics. Investors and experts are closely watching BTC, and these accumulation patterns can declare the market momentum, and prices might move in the future.
The fact that big whales are buying more Bitcoin shows that they are optimistic and that key players in the cryptocurrency world are planning their moves.
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK